SBP directs banks not to provide monetary services to banned outfits
KARACHI: State Bank of Pakistan (SBP) issued directives to all commercial banks and financial institutions across country not to provide monetary services to banned outfits or persons.
The move is aimed at curbing money laundering and financial sources used in carrying menace of terrorism. New guidelines have been issued in line with United Nations’ (UN) resolution, stated SBP.
New guidelines make it binding on banking officials to be complacent before making transactions that organizations’ owners, trustee or employees are not linked with any banned outfit. Likewise, a thorough investigation should be carried out before opening a new bank account.
SBP also directs giant financial conglomerates to ensure proper interaction and immediately report to authorities concerned if there is any doubtful transaction.